Immigration results in driving construction and B.C economy
Canada, 3rd February: Immigration has played a vital role in driving construction and the economy of B.C., reveals Winter 2010-11 edition of Construction Monitor.
No doubt, one cannot undermine the relative importance of tourism, forestry and mining, however, its immigration that happens to be the highest contributor to the economy of B.C.
According to the president of the ICBA (Independent Contractors and Businesses Association), Philip Hochstein, although, it may sound to be somewhat surprising for many, but, it’s a fact that immigrants in B.C. are playing a significant role in driving the activity of construction, thereby contributing positively towards the B.C. economy.
Canada was, actually, built by immigrants and everyone in Canada knows this, states Hochstein. Hochstein also maintained that the link between international immigration and construction is going to increase in the coming times.
He denied the common notion that immigrants snatch away jobs from natives. He clarified that the fact is that immigrants help in development of the employment pool by driving commercial, housing and industrial construction.
Construction sector happens to be the providing highest revenue to the economy of B.C. and immigration can play a crucial role in keeping it growing, added Hochstein. Construction results in a revenue of around $9 billion annually to the GDP of British Columbia and is instrumental in comprises around 10 percent of the total jobs in B.C.
And, residential construction in B.C. contributes around 9 percent to the GDP of the economy.
Birth rates in British Columbia are declining, just like several other nations of the Western world. And immigration, that is, the inflow of people from various corners of the world, helps in filling the void left by slow rates of population growth in B.C.
Moreover, the attitude of immigrants also helps in boosting construction, states CHHC(Canada Mortgage and Housing Corporation) in a report released last year.
Immigrants generally have a strong sense of attachment to house ownership. New immigrants coming to British Columbia help in expanding the construction sector and institutional infrastructure.
Immigration also makes B.C. an interesting province to live in and has already become a key to economic prosperity of all those living in British Columbia.